Increase in gold, copper

 NEWCREST’s production of both gold and copper in the June quarter jumped 15% and 9% respectively over that of the March quarter. 

The company produced 636,736 ounces of gold and 22,871 tonnes of copper in the last quarter.

Managing director and chief executive Sandeep Biswas (pictured) described the improved operational results for the June quarter and full financial year as reflective of the company’s focus on safety, cost reduction and cash generation.”

He said: “Newcrest is firmly focused on realising the full potential of each of the company’s assets, prioritising operating discipline and maximising cash across all sites. All sites achieved production and cost guidance for the year, with some performing significantly better.”

All its sites recorded improvements aside from Bonikro (Ivory Coast), with higher gold grades and plant through put at Gosowong (Indonesia), increased mining rates at Ridgeway, the continued ramp up at Cadia East (NSW, Australia) and higher gold recoveries at Lihir contributing to the result.

All mines recorded lower costs except for Telfer (Western Australia), but Newcrest noted that AISC of A$1313 (K3008)/oz for Lihir in the June quarter and A$1216 (K2786) for the year was disappointing.

Full-year group gold production jumped 14% to 2.4 million ounces, beating guidance of 2-2.3Moz, while copper production of 86,118t was up 7% and beat guidance of 75,000-85,000t.

Biswas said the miner’s main focus is on the improvement of operational and safety performance.